Russia to prepare tax regulation of Bitcoin transactions

The Russian Central Bank intends to prepare a package of tax regulatory documents for cryptocurrency transactions. A draft normative package will be presented in a month.

Olga Skorobogatova, Deputy Chair of the Russian Central Bank, said during her speech in the State Duma, presenting the bank’s annual report, that the Bank of Russia proposes to classify cryptocurrencies as digital goods. According to Skorobogatova, the Central Bank suggests making certain clarifications to existing taxation regulation in terms of taxes, control and reporting. As she mentioned, the regulator discussed this initiative two months ago with representatives of the Ministry of Finance, the Ministry of Economic Development and law enforcement agencies, RNS reports.

“I think in a month we will formulate how and where it should be prescribed, if you support us, because the volumes are growing, compared to last year. People, if they do this, should pay money for it. And we must clearly understand how we control this activity,” the deputy chair of the Central Bank said.

Earlier, Skorobogatova noted that the Bank of Russia does not intend to prohibit the Bitcoin and other crypto currency turnover, until it examines all the risks associated with this innovative technology. “The position of the regulator and the department is that we do not want to specifically prohibit something, but do want to understand how to deal with it, and based on this knowledge, to build a regulatory framework,” she said in January.